6 Money Tools for Small Businesses
Acorns - This app is great for setting aside money automatically into your 401K, you can choose the amount. And I increase that amount during busy season and lower it in the summer when money is tighter. Either way it’s setting a small amount aside as low as $5 a week (less than a coffee) and it adds up quickly over the year.
HSA - Health Savings Account. This is usually offered when you have an insurance program through an employer and they have an HSA plan. If possible, get one of these while working for someone else, once it’s set up you can use it and contribute indefinitely, even if you no longer have that insurance plan/policy.
Square Savings - The square app now lets you set aside a percentage of all credit card sales processed through your Square site. This is really helpful for setting aside money that you would need to pay in taxes for instance, 10 or 20% can be set aside so that you can pay your quarterly or annual taxes with that money instead of trying to keep it mixed in with your general spending.
Splitwise - Splitwise is a really helpful app for keeping track of who you owe and who owes you. I didn’t include this in my video but I do use this app and I really love it for when I have to split bigger purchases with someone else. It’s also a great way of keeping track of who owes you a larger amount not quite for invoicing, but let’s say you both invested in a machine or equipment that you’re sharing with a business partner and they’re paying you or buying it from you something like that… It’s really helpful because it keeps track of when you pay them through PayPal or Venmo through the app and it takes that amount off of your total. Just a generally good way to track what you owe or if someone owes you money especially with larger amounts.
Stride - Stride is a great tool for keeping track of mileage for small business owners that are driving their own vehicle or contractors that are driving their own vehicles if you’re a 1089 disc and keep track of your mileage for certain jobs when you turn on the device and you’re driving.
W2 Withholdings - Finally, I wanted to talk to anyone still working for an employer who pays them, and that they receive a W-2 at the end of the year. Setting aside extra is really helpful when you are a small business just starting because you’re going to be making income that is harder to keep track of the exact amounts throughout the year where if you can just add it to your W-2 withholdings you won’t be hit as hard with a large tax bill at the end of the year and you can submit a W-4 to your employer with adjusted rates for that expected income.
This blog post contains affiliate links and all the opinions are mine without influence. Hope you enjoy the information and it helps you in your business journey.